Significant Decline in Oman’s Real Estate Market Value Over the Past Two Months
Oman's real estate and property market transactions saw a substantial decline, dropping by 19.8% to 760.2 million Omani Rials in April 2024. According to the report by the National Center for Statistics and Information (NCSI), various segments of…
Oman’s real estate and property market transactions saw a substantial decline, dropping by 19.8% to 760.2 million Omani Rials in April 2024.
According to the report by the National Center for Statistics and Information (NCSI), various segments of Oman’s real estate market experienced notable reductions. Fees collected from all legal transactions amounted to 20.5 million Omani Rials, indicating an 8% decrease compared to the previous year.
Despite this overall decline, sales contracts showed a positive trend. The value of sales contracts increased by 2.5% to 359.4 million Omani Rials across 21,385 contracts, with a slight 0.7% rise in the number of contracts compared to the previous year, highlighting relative stability in the sales segment of the market.
On the other hand, the value of mortgage contracts plummeted sharply by 33.2% to 397.2 million Omani Rials from 6,482 contracts. Additionally, swap contracts showed limited activity, with 465 contracts valued at 3.6 million Omani Rials.
The total number of properties issued in April 2024 was approximately 72,181, marking a 5.5% decline from the previous year. Furthermore, properties issued to citizens of Gulf Cooperation Council (GCC) countries decreased by 4.2% to 410 units.
Detailed Report:
| Transaction Type | Value (Million OMR) | Change from Previous Year | Details |
|---|---|---|---|
| Sales Contracts | 359.4 | Increase 2.5% | 21,385 contracts |
| Mortgage Contracts | 397.2 | Decrease 33.2% | 6,482 contracts |
| Swap Contracts | 3.6 | – | 465 contracts |
| Total Properties Issued | – | Decrease 5.5% | 72,181 properties |
| Properties to GCC Citizens | – | Decrease 4.2% | 410 properties |
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